EMIRATES ISLAMIC BANK PJSC

EMIRATES ISLAMIC BANK PJSC

Previous company name
Middle East Bank PJSC
Name change date

Company Overview
Emirates Islamic Bank PJSC (EIB) is a publicly quoted company that provides a wide range of banking services in the United Arab Emirates (UAE) based on the Islamic banking principles of the Sharia law. The company, with registered head office located in Dubai, was founded in October 1975 as Middle East Bank. In February 2004, the company converted its status from a conventional bank into an Islamic bank and changed its name to Emirates Islamic Bank PJSC.
Emirates Islamic Bank’s deposit products include current account, investment saving account, and investment time deposit account. The bank uses Islamic financing methods, such as Ijarah; Salam; and vehicle murabaha and goods murabaha, which refer to buying and selling transactions between the bank and the customer. It also offers charge and credit cards. Its vision is to be the leading provider of high standard Shari’a compliant innovative financial products, quality service and superior value for its customers, shareholders, employees and the community. The company, listed on the Dubai Financial Market, is one of the leading Islamic financial institutions in the United Arab Emirates.
Business Summary
Islamic Bank
Description and history
The Bank is engaged in providing banking activities in accordance with the Islamic Sharia. The Bank was incorporated under the name of Middle East Bank as a conventional Bank with limited liability in the Emirate of Dubai on 3rd of October 1975. The Bank was reregistered as a Public Joint Stock Company in July 1995. At an extraordinary general meeting held on 10th of March 2004, a resolution was passed to transform the Bank’s activities to be in full compliance with the Islamic Sharia. The entire process was completed on 9th of October 2004 (the “Transformation Date”) when the Bank obtained UAE Central Bank and other UAE authorities’ approvals.
The Bank was listed on Dubai Financal Market on 21 May 2005.

Founded as Middle East Bank

Business Line
Provides a wide range of banking services in the United Arab Emirates (UAE) based on the Islamic banking principles of the Sharia law
Subsidiary
EMIRATES ISLAMIC FINANCIAL BROKERAGE
Advisor
KPMG
IPO date
5/21/2005
US SIC Code
6029
Company Address
Baniyas Road – P.O. Box 5547

City province or state postal code
DUBAI
Phone: 971 (4) 225 256
Fax: 971 (4) 225 322
Country address: UNITED ARAB EMIRATES
Website url: www.emiratesislamicbank.ae